DOMINICAN COLLEGE OF TARLAC

Capas, Tarlac

COLLEGE DEPARTMENT
A.Y. 2021-2022, second SEMESTER

SUBJECT: GEE3 ENTREPRENEURIAL MIND

At the end of this module, you are expected to:

a. Identify what is of “value” to the customer,
b. Identify the customer to sell to,
c. Explain what makes a product unique and competitive,
d. Apply creativity and innovative techniques to develop marketable
products, and
e. Employ a unique selling proposition (USP) to a product and/or
service.

Introduction

Aspiring entrepreneur need to explore the economic, cultural, and social conditions
prevailing in an area. Needs and wants of the people in a certain area that are not met may
be considered business opportunities. Identifying the needs of the community, its resources,
available raw materials, skills, and appropriate technology can help a new entrepreneur
seize business opportunities. To be successful in any kind of business venture, potential
entrepreneurs should look closely at the environment and market. They should always be
watchful of existing opportunities and constraints, and to take calculated risks. The
opportunities in the business environment are factors that provide possibilities for a business
to expand and make more profit. Constraints, on the other hand, are factors that limit
business growth, hence reduce the chance of generating profit. One of the best ways to
evaluate opportunities and constraints is to conduct a Strengths, Weaknesses, Opportunities
and Threats (SWOT) Analysis. SWOT Analysis is a managerial tool used to assess the
environment. It is used to gather important information which is then used in strategic
planning. Strengths and weaknesses are internal in an organization. They relate to
resources owned by an organization that you have control over and also the extent of its
marketing.
 Pre -assessment
Task 1: Multiple Choice
DIRECTIONS: Choose the letter of the best answer. Write your answer on a
separate sheet of paper.

D 1. It is generated by examining the goods and services sold in the

community.
A. business creation C. business concept
B. business pricing D. business idea

C 2. It is a process of making new products which will be sold to the

customers.
A. product analysis C. product development
B. product conceptualization D. product implementation
A 3. These are luxuries, advantages and desires that every individual considers beyond
necessary.
A. wants C. requirements
B. desires D. needs

B 4. It is a factor or consideration presented by a seller as the reason that a product or

service is different from and better than that of the competition.
A. unique selling plan C. unique pricing policy
B. unique selling proposition D. finding value-added

A 5. A stage in which the needs of the target market are identified, reviewed, and evaluated.
A. concept development C. project development
B. economic analysis D. refine specification

D 6. It is the introduction of new ideas to make the product and services more attractive and
saleable to the target customers.
A. new idea C. product development
B. creativity D. innovation

B 7. It is a managerial tool used to assess the environment and to gather important

information that can be used for strategic planning.
A. scanning C. WOTS Analysis
B. SWOT Analysis D. survey analysis

C 8. It is creating names, symbol, or designs that identifies and differentiates a product from
the other products.
A. product naming C. branding
B. unique selling proposition D. tagline

D 9. It is a meaningful and unforgettable statement that captures the essence of the brand.
A. product naming C. branding
B. unique selling proposition D. tagline

D 10. These are things that people cannot live without.

A. wants C. requirements
B. desires D. needs
Task 2: Guide Questions:

Directions: Read and study the guide questions below. Use a separate
sheet of paper to write your answer.

1.How does one determine the product or services to be produced and/or to be

provided to the target customers?
Knowing the nature of the products or services that you are going to make or deliver to
potential consumers or customers is critical in determining the product or services to be
produced and/or provided to the target customers. Providing items requires identifying your
target market and evaluating demand. Knowing your customers will help you target
customers who are willing to pay for your product or service, and selecting a target market
allows marketers to focus on the people who are most likely to buy it. By evaluating demand
you may design a product or service that people want by identifying market demand. In other
words, you'll attain product-market fit, which will position your company to succeed.

2. How does one select an entrepreneurial activity?

Entrepreneurial activity is defined as entrepreneurial human action aimed at creating or

expanding economic activity by recognizing and exploiting new products, methods, or
markets. The person in charge of bringing all of the elements of production together to
create a product or service. Typically, when choosing an entrepreneurial activity, the context
must first be understood, and it must be based on your budget and experience at the very
least.

3. When can one say that a certain product has “value?”

Products are created to meet our desires and needs. We can claim a product has worth
when it is sold on the market and a substantial number of people demand it.

4. Does applying creativity to your product or services important? Why?

If you think outside the box, customers will prefer your goods and services over others. If you
use your imagination to make decisions, you will be a more effective leader. Your
organization will obtain more balanced results if you have the ability to think analytically as
well as creatively.

5. How can one effectively respond to the needs of the target customer?

You may effectively respond to the demands of the target client by determining what they
truly need, then conducting a survey and allowing those who are willing to reply to provide
you with the information you require.

6. From the viewpoint of business owner, discuss the importance of

scanning the environment and market in generating business ideas.

The basic purpose of environmental scanning is to help management determine the future
direction of the organization. Environmental scanning helps you to learn about the business
strategies of your competitors. This helps them to identify potential threats and opportunities
as well as strengths and weaknesses that impact the business and its competitors
Task 4: Browsing the Internet

Directions: To deepen your understanding of the lesson, perform the following tasks:

1. Browse the internet and view the topics related to:

a. customers’ needs and wants
b. techniques in identifying customers’ needs and wants
c. creativity or innovations in products and services
d. unique selling proposition
e. product development

2. Prepare a short narrative report about these topics. You can highlight the aspect that
intensifies your knowledge of product development

You must first understand your clients' needs and wants, as well as why they exist,
before you can begin promoting your organization. Customer research can help you figure
out how to persuade customers that they require your goods and services. Solicit input from
your customers at every step of the process to identify their needs and wants . Focus groups,
listening to customers or using social media, as well as keyword research, can all be used to
identify customer requests.On the other side, knowing your customers' needs is easier said
than done. In our opinion, there are a few basic methods for gaining insight into what your
customers want from you.

The Needs of Customers and How to Address Them:

You can use this four-step customer requirements analysis to determine and meet
consumer demands:

 Determine what your customers expect from you through keyword research,
focus groups, and social listening.
 Disseminate the information to all key stakeholders in your organization.
 Create features or content for your products that address your customers'
needs.
 Customer feedback on how effectively your efforts meet their expectations is
important.
Innovation and creativity are inextricably linked. And there can be no invention
without creativity. While creativity is defined as the ability to come up with new and unique
ideas, innovation is defined as the application of that creativity, which might include the
introduction of a new idea, solution, process, or product. Creativity improves problem-solving
abilities. Whether we're talking about developing a new strategy or coming up with new
strategies to stay ahead of the competition, it doesn't matter. Every organization seeks for a
competitive advantage, and a creative issue solution delivers that benefit.
Developing an opinionated and intentional Unique Selling Proposition (USP)
influences message, branding, copywriting, and other marketing decisions. Product
development usually refers to the entire process of taking a product from concept through
commercial release and beyond. In other words, product development encompasses the
complete life cycle of a product.
Task 5: Product Conceptualization Directions:

In a separate sheet of paper or in your notebook. Develop your own concept of your product
or service by using the figures on this page. Use bullets in every stage of product
conceptualization in listing important key ideas.

Milktea Vapor (Capas, Tarlac)

1. Identify Customers Need

 Food & beverage
 Satisfaction
 Innovation

2. Target Specifications
 Sales will increase after 6 months due to customers satisfaction
 Sales revenue will be more than my investment after 1 year
 The quantity of flavors of vape juice and milk tea will increase

3. Analyze a Competitive Product

 Smokey Vape
 Vape Underground
 Mang Chaa
 Happy Judah Milktea

4. Generate Product Concept

 It is a milk tea shop and at the same time, it is a vape shop also.
 Vapers who loves milktea would enjoy drinking a cup and at the same time smoking
their pod or vape
 They will also be satisfied with the vape juice and milktea flavors that I will offer

5. Select A product Concept

 Milktea shop
 Vape shop

6. Refine Product Specification

 Define the sources of problems.
 Use customer’s feedback
 Use this for development
7. Prepare a Development Plan
Step 1. Make sure I have enough money to handle the business
Step 2. Find people who are great in managing their milktea and vape shop.
Step 3. Try to consult and listen to their advices
Step 4. Look for a place that we could rent around capas that is close to the highway, public
market and many houses.
Step 5. Make the place simple but will give comfort to the customers.
Step 6. Look for a trusted suppliers who are offering raw materials at a lower price.
Step 7. Generate income and invest.

Conclusion.
All of the business started from zero to something. It will take time for the business to be
known and to increase its sale. But, if the innovation and hardwork will be the main focus of
the business, it will meet its success.

What to know.

Generating Ideas for Business

The process of developing and generating a business idea is not a simple process. Some
people come up with a bunch of business ideas that are not really feasible. There are two
problems that arise; first is the excessive generation of ideas that can forever remain as a
dreaming stage and the second is when they don’t have ideas and don’t want to become
entrepreneurs. The most optimal way is to have a systematic approach in generating and
selecting a business idea that can be transformed into a real business.
Here are some basic yet very important considerations that can be used to generate
possible ideas for business:

1. Examine existing goods and services. Are you satisfied with the product? What do other
people who use the product say about it? How can it be improved? There are many ways of
improving a product from the way it is made to the way it is packed and sold. You can also
improve the
materials used in crafting the product. In addition, you can introduce new ways of using the
product, making it more useful and adaptable to the customers’ many needs. When you are
improving the product or enhancing it, you are doing an innovation. You can also do an
invention by introducing an entirely new product to replace the old one. Business ideas may
also be generated by examining what goods and services are sold outside the community.
Very often, these products are sold in a form that can still be enhanced or improved.

2. Examine the present and future needs. Look and listen to what the customers, institutions,
and communities are missing in terms of goods and services. Sometimes, these needs are
already obvious and identified right away. Other needs are not that obvious because they
can only be
identified later on, in the event of certain development in the community. For example, a
province will have its electrification facility in the next six months. Only by that time will the
entrepreneur could think of electrically- powered or generated business such as photo
copying, computer service,
digital printing, etc.

3. Examine how the needs are being satisfied. Needs for the products and services are
referred to as market demand. To satisfy these needs is to supply the products and services
that meet the demands of the market. The term market refers to whoever will use or buy the
products or services, and these may be people or institutions such as other businesses,
establishments, organizations, or government agencies. There is a very good business
opportunity when there is absolutely no supply to a pressing market demand. Businesses or
industries in the locality also have needs for goods and services. Their needs for raw
materials, maintenance, and other services such as selling and distribution are good sources
of ideas for business.

4. Examine the available resources. Observe what materials or skills are available in
abundance in your area. A business can be started out of available raw materials by selling
them in raw form and by processing and manufacturing them into finished products. For
example, in a copra producing town, there will be many coconut husks and shells available
as “waste” products. These can be collected and made into coco rags or doormats and
charcoal bricks and sold profitably outside the community. A group of people in your
neighborhood may have some special skills that can be harnessed for business. For
example, women in the Mountain Province possess loom weaving skills that have been
passed on from one generation to another. Some communities set up weaving businesses to
produce blankets, decorative, and various souvenir items for sale to tourists and lowlanders
5. Read magazines, news articles, and other publications on new products and techniques
or advances in technology. You can pick up new business ideas from magazines such as
Newsweek, Reader’s Digest, Business Magazines, “Go Negosyo”, Know About Business
(KAB) materials, and Small-Industry Journal. The Internet also serves as a library where you
may browse and surf on possible businesses. It will also guide you on how to put the right
product in the right place, at the right price, and at the right time.

Key Concepts of Selecting a Business Idea

Once you have identified business opportunities, you will eventually see that there are many
possibilities available for you. It is very unlikely that you will have enough resources to
pursue all of them at once. You have to select the most promising one among hundreds of
ideas. It will be good to do this in stages. In the first stage, you screen your ideas to narrow
them down to about few choices. In the next stage, trim down the choices to two options. In
the final stage, choose between the two and decide which business idea is worth pursuing.
In screening your ideas, examine each one in terms of the following guide questions:

1. How much capital is needed to put up the business?

2. Where should the business be located?
3. How big is the demand for the product? Do many people need this product and will
continue to need it for a long time?
4. How is the demand met? Who are processing the products to meet the needs
(competition or demand)? How much of the need is now being met (supply)?
5. Do you have the background and experiences needed to run this particular business?
6. Will the business be legal and not against any existing or foreseeable government
regulation?
7. Is the business in line with your interest and expertise?
Your answers to these questions will be helpful in screening which ones among your many
ideas are worth examining further and worth pursuing.

Branding
Branding is a marketing practice of creating a name, a symbol or design that identifies and
differentiates product or services from the rest. It is also a promise to your customers. It tells
them what they can expect from your product or service and it differentiates your offerings
from other competitors. Your brand is derived from who you are, who you want to be and
what people perceive you to be. Branding is one of the most important aspects in any
business. An effective brand strategy gives you a major edge in increasingly competitive
markets.
A good product can:
- deliver message clearly,
- confirm credibility,
- connect to target prospect,
- motivate buyers, and
- concretize user loyalty.

Here are simple tips to publicize your brand:

a. Develop a tagline. Write a statement that is meaningful, impressive, and easy to
remember to capture the essence of your brand.
b. Design a logo. Create a logo symbolic of your business and consistent with your
tagline and displace it strategically.
c. Write a brand message. Select a key message to communicate about your brand.
d. Sustain a brand quality. Deliver a promise of quality through your brand.
e. Practice consistency. Be reliable and consistent to what your brand means in your
business.

What to process.
In generating a business idea, you should first identify the type of business suited to your
business idea. You should analyze and scan the potential environment, study the marketing
practices and strategies of your competitors, analyze strengths, weaknesses, opportunities,
and threats in your environment to ensure that the products or services you are planning to
offer will be patronized and within easy reach of target consumers.
How to conduct SWOT Analysis:
- Be realistic about the strengths and weaknesses of your business when conducting SWOT
Analysis.
- SWOT Analysis should distinguish between where your business is today, and where it can
be in the future.
- SWOT Analysis should always be specific.
- Always apply SWOT Analysis in relation to your competition, i.e. better than or worse than
your competition.
- Keep your SWOT Analysis short and simple. Avoid complexity and over analysis.
- SWOT Analysis is subjective.

Task 6: SWOT Analysis Directions:

In a separate sheet of paper or in your notebook list down all your observations for your
business idea. Categorize your observations according to strengths, weakness,
opportunities and treats. After carefully listing them down, use the stated strategies to come
up with a sound analysis, activities and best business idea.

STRENGTH (S) WEAKNESSES (W)

  Location  No commercial
 A powerful niche  New products
 Reasonable prices  Lack of menu variety
 Unique brand and marketing  Criticism and allegations

OPPORTUNITIES (O) THREATS (T)

 Healthy Food  Competitors

 New products in menu  Internaational market stability
 Multiple stall  Issue in franchising
 Shelf life

Strategies:
- SW - Maximize on the Strengths to overcome the internal Weakness.
- OW - Capitalize on the Opportunities to eliminate the internal Weakness.
- ST - Maximize on your Strengths to eliminate the external Threats.
- OT - Take advantage of the available Opportunities to eliminate the external Threats.

What to reflect and understand

To deepen your understanding of the topics previously discussed, you will be asked to
perform the following activities:

Task 7: Extra Reading and Video Viewing

Reading books and watching videos have been considered as some of the most effective
educational activities that can help learners broaden their understanding on a certain topic.
In this particular task, you will be asked to conduct extra reading and video viewing on the
Internet with the following topics:
A. Steps in selecting a business idea
B. Criteria of a viable business idea
C. Benefits of a good brand
D. Ways on developing a brand
After successfully performing the assigned task, make a narrative report about it and share it
with the class.
A good business idea requires imagination, forethought, and soul-searching. There
are three tips in selecting a business idea, Focus on your skills, experience and passion,
Evaluate business-lifestyle fit, and Test your idea. In selecting business idea, you don’t have
to be an expert right away, your existing skills and experiences can help you succeed on
your goals. It's a good idea to write a business plan that defines your goals and how you
expect to reach them, regardless of the business idea you choose to pursue.
A business plan motivates you to assess the viability of your business concept, so
boosting your chances of success. In the end, innovation leaders are held accountable not
only for the success of the prototype, but also for their decision to move forward with an idea
or prototype. You must present an explanation that goes beyond your initial impulse when
confronted with that situation. You must describe the criteria you used to make your
decision. The following are some criteria that you should consider; Clarity, Usability, Stability,
Scalability, Stickiness, Integration, and Profitability. It takes time and effort to be able to build
a strong and good brand, a continuous team effort is needed to be able to achieve a strong
brand. Having a strong, well-known brand enhances your credibility with customers, your
industry, and the marketplace as a whole.
As you build your credibility, you also build recognition, loyalty, and competitiveness.
Advertising has evolved into more than a hodgepodge of disciplines such as branding and
promotions. Whatever the specific goal a client has assigned at the time, everything
marketers do should aid in the communication of that story.
Task 8: Designing a Logo
Directions: In a separate sheet of paper or in your notebook draw a logo that you will use in
your business. Provide a simple statement to describe your logo.

LOGO

TAGLINE
Prepared by:

JOAN M. MANGUERA